Three office buildings and a parking lot on about nine acres of land along the Lyndon B. Johnson Freeway could become Dallas’ next multifamily renovation project.
Dallas-based commercial real estate developer Trammell Crow Co. is considering renovating the existing 10-story office building and potentially adding apartments by demolishing two six-story buildings and building two five-story buildings in their place.
While the parking garage at 5550 LBJ will remain in the new concept, the office space, which currently has a taxable value of about $10.75 million and is effectively outdated, could see an investment of more than $300 million, according to a presentation the developer, a wholly owned subsidiary of commercial real estate services and investment firm CBRE Group, filed with the Dallas City Planning Commission.
The adaptive reuse site, located on the east side of the Dallas North Tollway between Noel Road and Monfort Drive, will be redesigned to improve pedestrian walkability with landscaping and screening of the garage.
The redevelopment is still in the early stages, with the Dallas City Council set to consider rezoning this week.
A California real estate investment partnership had previously considered adding housing and a hotel to the site, which was built in the 1970s.
Converting offices into residential properties has been seen as a lifeline for buildings struggling with occupancy issues.
Downtown Dallas is home to several similar projects, including Todd Interests’ recently opened Sinclair development.
Several announcements were also made in suburban areas of the region.
